At lunch on Tuesday the S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher. At the time of writing the benchmark index is up 0.15% to 6,698.4 points.
Here’s what has been happening on the market today:
Bank shares are lower
Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), and the rest of the big four banks are trading lower today ahead of the Reserve Bank’s meeting this afternoon. The latest cash rate futures continue to point to a 78% probability of a rate cut to a record low of 0.75%.
Suncorp sells smash repair business
This morning Suncorp (ASX: SUN) announced an agreement to sell its smash repair business to AMA Group Ltd (ASX: AMA). The Capital S.M.A.R.T business will be acquired by AMA for an enterprise value of $420 million, with Suncorp retaining a 10% stake. The insurance and banking giant expects to record an after-tax profit on the sale in the range of $275 million to $295 million.
Gold miners sink lower
A number of Australian gold miners such as Resolute Mining Limited (ASX: RSG) and Saracen Mineral Holdings Limited (ASX: SAR) have sunk lower today after the gold price tumbled overnight. According to CNBC, the spot gold price dropped 1.8% to US$1,479.10 an ounce after the U.S. dollar strengthened. The S&P/ASX All Ords Gold index is down 2.8% today.
Best and worst performers
The best performer on the ASX 200 index for a second day in a row is the Nufarm Limited (ASX: NUF) share price with a gain of almost 9%. This morning analysts at Morgan Stanley retained their overweight rating and lifted the price target on the agricultural chemicals company’s shares to $7.20 following its results and asset sale. The worst performer today has been the Resolute Mining share price with a decline of almost 3.5%.
Shares to beat the rate cuts.
With interest rates likely to be taken lower today, income-minded investors have nowhere to turn... except these buy-rated dividend shares. That’s why The Motley Fool’s top analysts have just prepared a brand-new report, laying out their top 3 dividend bets for 2019. Hint: These are 3 shares you’ve probably never come across before. They’re not the banks. Not Woolies or Wesfarmers or any of the “usual suspects.”
We think these 3 shares offer solid growth prospects over the next 12 months. Each of these three companies boasts fully franked yields and could be a great fit for your diversified portfolio. You’ll discover all three names and codes in "The Motley Fool’s Top 3 Dividend Shares for 2019."
Even better, your copy is free when you click the link below. Fair warning: This report is brand new and may not be available forever. Click the link below to be among the first investors to get access to this timely, important new research!
The names of these top 3 dividend bets are all included. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies move – we may be forced to remove this report.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.